Retiree Benefits

Your dedication to Loyola University Chicago throughout the years has played an important role in making this university the superior academic institution that it is today! Please review the below information on this page, as Loyola is changing the way we provide retiree health coverage to our Medicare-eligible retirees effective January 1, 2018.

IMPORTANT NOTE

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EFFECTIVE MARCH 1, 2018 - ONEEXCHANGE WILL BE KNOWN AS VIA BENEFITS.

POSTCARDS WILL BE SENT TO PARTICIPANT'S HOME WITH ADDITIONAL INFORMATION

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Changes to the Loyola Retiree Health Plan and Medicare Part D Plan

Loyola University Chicago is changing the way we provide retiree health coverage to our Medicare-eligible retired participants by offering access to a variety of individual health and prescription drug plans through a private health insurance marketplace called OneExchange.

As of December 31, 2017, Loyola University of Chicago is terminating the Loyola University Blue Cross Blue Shield Retiree Health Plan and Medicare Part D Plan.

All participants will be able to enroll in individual Medicare supplemental coverage through OneExchange. Learn more below.

Changes to the Loyola Retiree Health Savings Account

The Retiree Health Savings Account funded by Loyola University of Chicago will be transferred to OneExchange effectiveJanuary 1, 2018 and it will be known as a Health Reimbursement Account (HRA).

BenefitExpress will no longer administer the Loyola University Retiree Health Savings Accounts for claims incurred after December 31, 2017.

As you approach retirement, you will need to make some important decisions in order to choose a retiree medical insurance plan that fits your needs, and the needs of your family. The Human Resources office is committed to providing you with the resources, and information necessary to assist you in making an informed decision.

The first step in retirement planning is to review the Retirement Checklist at least 90 days prior to your retirement. The document provides you with a guide for what you may need to consider, or act on, in preparation for retirement.

Upon retirement, if you have met the eligibility requirements, you must:

Complete the enrollment form for the Health Reimbursement Account (HRA).

Please review the sections below for additional information. Please contact Human Resources at benefits@luc.edu with any questions you have.

Retirement Planning

OneExchange is the country’s largest private Medicare marketplace offering a wide range of quality and affordable Medicare plans from leading insurers. You will find your entire plan needs there – including Medicare Advantage plans, Medicare Supplement Insurance (Medigap), Part D Prescription Drug plans, and vision and dental plans.

Licensed Benefit AdvisorTo help you find coverage that meets your health and financial needs, OneExchange has licensed benefit advisors who will provide personalized, over-the-phone support to guide you through your plan options and enroll you in new coverage. OneExchange licensed benefit advisers work as unbiased advocates with no financial incentive or reward for enrolling you in one health plan over another.

In order to be retiree benefit eligible, a faculty or staff member must be at least sixty (60) years old AND have a minimum of ten (10) years of continuous full-time University service, immediately prior to their retirement date.

The Medicare marketplace has changed significantly and there is now a wide array of affordable health and prescription drug plans available to Medicare-eligible retirees as supplemental plans to Medicare coverage. In light of this evolving marketplace, Loyola is changing the way we provide retiree health coverage to our Medicare-eligible retired participants by offering access to a variety of individual health and prescription drug plans through a private health insurance marketplace called OneExchange.

January 1, 2018As of January 1, 2018, all retiree health plan participants will be able to enroll in individual Medicare supplemental coverage through OneExchange.

As of January 1, 2018, if the retiree medical plan participant does not enroll in a plan through OneExchange during the specified enrollment period, then as of January 1, 2018, the participant will no longer be covered under the Loyola group health plan.

Guarenteed IssueGuaranteed Issue during the Special Enrollment Period through OneExchange. If you enroll by December 29, 2017, you will be guaranteed issue, which means you will not be denied coverage or asked to pay a higher premium as a result of a current or prior health conditions.

If you have any questions about what happens if you did not enroll by December 29, 2017, please contact OneExchange at 1-855-229-3283 (Monday thru Friday from 7:00AM - 8:00PM CT) or visit Medicare.OneExchange.com/Loyola.